Reports: Symantec hiring JPMorgan, activists circling

JPMorgan will advise Symantec (SYMC +1.1%) on exploring strategic options and defending itself against would-be activist investors, sources tell Bloomberg.

Reuters is out with a similar report, but doesn't explicitly state which bank Symantec is hiring. It does, however, report major activist funds "have already started examining the company as a potential target."

Shares plunged to new 52-week lows two weeks ago after Symantec fired CEO Steve Bennett. Bennett moved aggressively to cut costs and streamline Symantec's enormous product line, but failed to invigorate growth and halt security/storage software share losses to rivals large and small.

Symantec has closed higher on a brutal day for tech stocks.

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Comments (3)
  • Chris DeMuth Jr.
    , contributor
    Comments (11717) | Send Message
    Here is one way to exploit such opportunities:
    4 Apr 2014, 04:11 PM Reply Like
  • Kevin Wrotenbery
    , contributor
    Comments (158) | Send Message
    Interesting concept.
    4 Apr 2014, 04:27 PM Reply Like
  • SimonRalph
    , contributor
    Comments (10) | Send Message
    Another round of lay offs. Many of my friends were let go.
    5 Apr 2014, 10:32 AM Reply Like
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